Securities Law

BCN 2005/10 - National Instrument 51-102 Continuous Disclosure Obligations Definition of “venture issuer” [BCN - Lapsed]

Published Date: 2005-02-11

Concurrently Published:

National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) defines a venture issuer as an issuer whose securities are not listed or quoted on the Toronto Stock Exchange, certain U.S. marketplaces, or a marketplace outside of Canada and the United States.

On March 30, 2004, we issued BC Instrument 51-507 Venture issuers traded on certain foreign markets. That BC Instrument provided that issuers trading on the Regulated Unofficial Market of the Frankfurt Stock Exchange (RUM) and the Unofficial Regulated Market of the Berlin-Bremen Stock Exchange (URM) were still venture issuers for the purposes of NI 51-102.

Since BCI 51-507 was issued, we have determined that trading on the RUM or URM does not constitute a listing or quotation for the purposes of the definition of venture issuer. Consequently, issuers that otherwise meet the definition of venture issuer with securities traded on those facilities do not need to refer to BCI 51-507.

We have updated question A-5 in Canadian Securities Administrators Staff Notice
51-311 Frequently asked questions regarding National Instrument 51-102 Continuous Disclosure Obligations to reflect this. We have also amended Appendix A to BCI 51-507 to remove the references to the RUM and the URM, and, as a result of an application for exemptive relief, to add the Alternative Investment Market of the London Stock Exchange (AIM).

As a result, issuers listed on the RUM, URM or AIM, and who otherwise meet the definition of venture issuer, are venture issuers for the purposes of NI 51-102.

Questions
You may refer questions to:

Rosann Youck
Senior Legal Counsel
Legal Services, Corporate Finance
British Columbia Securities Commission
(604) 899-6656
(800) 373-6393 (in B.C. and Alberta)
ryouck@bcsc.bc.ca

February 11, 2005

Douglas M. Hyndman
Chair

Ref:              National Instrument 51-102 Continuous Disclosure Obligations
                    
BC Instrument 51-507 Venture issuers traded on certain foreign markets

This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Policies & Instruments database.